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Problem with accepting (self-signed?) certificate

I'm trying to send an XML request to an HTTPS server, and receive an XML response, all within a C# web application. When I call GetRequestStream() on the request, it throws "System.Net.WebException: The underlying connection was closed: Could not establish
trust relationship with remote server." I have installed the relevant certificate in Trusted Root Certification Authorities through IE; should this be sufficient for the request to work? With the certificate installed, the same code runs fine in a console
application, but chokes in the web app.

I don't understand certificates terribly well, but I know this one is "self-signed", the issuer the same as the subject, which I'm told makes it untrusted by default. Is that the problem? How can I tell the app to trust it regardless?